WINNIPEG,
March 6, 2014 /CNW/ - (TSX: NFI)
(TSX: NFI.DB.U) New Flyer Industries Inc. ("New Flyer" or the
"Company"), the leading manufacturer of heavy-duty transit buses in
Canada and the United States, announced today that
Calgary Transit has exercised options to purchase an additional
twenty Xcelsior® 60-foot clean diesel heavy-duty transit
buses (40 equivalent units or "EUs").
This order is from the Company's contract with
Calgary Transit for 10 60-foot Xcelsior® buses that was
awarded in June 2013. All 10
buses have been delivered. The contact did not have a
specified quantity of options, but allowed Calgary Transit to order
additional quantities of the same bus for up to one year. This
order is in addition to the current 150 Xcelsior®
40-foot bus contact that was announced in a New Flyer press release
on September 26, 2013. The contract
is proceeding on schedule and to date the Company has delivered 15
buses from that order.
Calgary Transit operates an active fleet of more
than 900 heavy-duty transit buses of which 668 are New Flyers
delivered over the past two decades, most of which remain in active
service today.
"We are pleased to continue our partnership with
Calgary Transit and this order for more 60-foot
Xcelsior® buses reflects on Calgary Transit's continued
confidence in our buses," said Paul
Soubry, President and Chief Executive Officer at New Flyer.
"We are committed to providing world class products and industry
leading customer service to support Calgary as they respond to significant growth
and demand from their ridership".
This new contract for 20 Xcelsior®
articulated buses are anticipated to begin production in the third
quarter of 2014 and all buses are expected to be delivered by the
end of 2014.
About New Flyer
New Flyer, with its subsidiary NABI Bus, LLC, is the leading
manufacturer of heavy-duty transit buses in the United States and Canada. The Company is the industry
technology leader and offers the broadest product line including
drive systems powered by: clean diesel, natural gas, electric
trolley, diesel-electric hybrid and now all-electric buses.
All buses are supported by an industry-leading comprehensive
warranty and support program, and service network. New
Flyer and its subsidiary NABI Parts, LLC also operate the transit
industry's most sophisticated aftermarket parts organization,
sourcing parts from hundreds of different suppliers and providing
support for all types of heavy-duty transit buses.
The New Flyer group of companies employ over
3,000 team members with manufacturing, fabrication, parts
distribution and service centers in both Canada and the
United States. Further information is available on New
Flyer's web site at www.newflyer.com.
The common shares and convertible unsecured
subordinated debentures of the Company are traded on the Toronto
Stock Exchange under the symbols NFI and NFI.DB.U,
respectively.
Forward-Looking Statements
This press release may contain forward-looking statements relating
to expected future events and financial and operating results of
the Company that involve risks and uncertainties. Although
the forward-looking statements contained in this press release are
based upon what management believes to be reasonable assumptions,
investors cannot be assured that actual results will be consistent
with these forward-looking statements, and the differences may be
material. Actual results may differ materially from
management expectations as projected in such forward-looking
statements for a variety of reasons, including market and general
economic conditions and economic conditions of and funding
availability for customers to purchase buses and to purchase parts
or services, customers may not exercise options to purchase
additional buses, the ability of customers to terminate contracts
for convenience and the other risks and uncertainties discussed in
the materials filed with the Canadian securities regulatory
authorities and available on SEDAR at www.sedar.com. Due to
the potential impact of these factors, the Company disclaims any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless required by applicable law.
SOURCE New Flyer Industries Inc.